Evoke (formerly 888 Holdings) has concluded its 2025 fiscal year with a financial report that highlights a severe divergence between operational efficiency and regulatory impact.
While the group managed a slight revenue increase to £1.78 billion and a 14% rise in adjusted EBITDA to £356 million, these gains were entirely eclipsed by a reported after-tax loss of £549 million.
The “Fundamental Shift” in UK Economics
The group’s bottom line was devastated by £440 million in impairment charges directly linked to the new UK duty framework and struggling retail conditions. In November 2025, the UK government announced a jump in Remote Gaming Duty from 21% to 40% starting April 2026, alongside a new sports betting duty slated for 2027.
CEO Per Widerström was candid about the fiscal shock:
“Throughout 2025 we delivered consistent operational progress resulting in a more efficient, focused and disciplined business… However, the significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market.”
In response, Evoke has shuttered approximately 270 high-street shops that were deemed unsustainable under current inflationary and tax pressures. Despite this, William Hill’s gaming arm showed resilience, though it was not enough to offset a 3% decline in UK online revenues, which Widerström attributed to aggressive black-market activity.
Strategic Review and Potential Sale to Bally’s
The regulatory headwinds have forced Evoke into a high-stakes strategic review. The board is currently exploring all avenues to protect shareholder value, including a potential total sale of the company. Discussions with Bally’s Intralot S.A. regarding a potential offer are ongoing, though no definitive agreement has been reached.
Despite the turbulence, Widerström remains focused on a “profitable growth” pivot:
“While the trading environment is challenging, we remain firmly focused on delivering profitable growth, cash generation and strengthening the balance sheet.”
After 2025, Evoke enters 2026 with international core markets up 17% and a newfound reliance on AI-driven automation to bridge the gap left by the UK’s shifting regulatory landscape.
